Morgan Stanley's European financials research team, led by Huw van Steenis, is braced for a year in which equities trading will gain further ground on fixed Income, currencies and commodities and the investment banking industry will be dominated by shareholders' willingness to show patience around banks' restructuring efforts.

With the world's biggest investment banks preparing to report their fourth-quarter and full-year results for 2015 - starting with JP Morgan on January 14 - London-based van Steenis and his team have published a report covering their 2016 outlook entitled Wholesale Banks and Capital Market Financials.